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COFCO Tunhe Q2 profit climbs 41.5% YOY

Cofco Tunhe Sugar Co. Ltd said its second-quarter normalized net income came to 6 fen per share, a gain of 41.3% from 4 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 120.1 million yuan, a gain of 41.5% from 84.9 million yuan in the prior-year period.

The normalized profit margin increased to 4.4% from 2.5% in the year-earlier period.

Total revenue declined 17.7% on an annual basis to 2.78 billion yuan from 3.37 billion yuan, and total operating expenses declined 15.9% from the prior-year period to 2.70 billion yuan from 3.20 billion yuan.

Reported net income grew 27.1% from the prior-year period to 113.7 million yuan, or 6 fen per share, from 89.4 million yuan, or 4 fen per share.

As of Aug. 22, US$1 was equivalent to 6.64 yuan.